First Epistle to Uche Danlami, my ambitious entrepreneur friend, on 1 July 2018

This “epistle” from Wole Oluyemi (@WoleOluyemiCo) to Uche Danlami is one of the structured series of writings from the author on SME business management, corporate governance, finance strategy, tax strategy, market entry strategy, corporate political strategy, financial accounting and financial reporting strategy. This series from Wole Oluyemi, usually referred to as the marketplace evangelist, is to complement the Business Unusual Seminars and the BizUnusual Mentorship Program (BMP) that are being hosted by him, as part of the initiatives of Roedl & Partner to enhance the development…

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Companies And Allied Matters Act – Amendments in the 2018 Bill

THE REPEAL AND RE-ENACTMENT A BILL OF THE COMPANIES AND ALLIED MATTERS ACT – INFOCHAT ON THE 10 KEY IMPLICATIONS FOR SMEs IN NIGERIA   THE STORY The Companies and Allied Matters Act (CAMA) is the Law that largely governs the incorporation, operations, business procedures, and the cassation/winding up of business entities in Nigeria, whether sole proprietorships, private companies, public companies or Not for Profit Organizations. On the 15th of May, 2018, the National Assembly at its plenary session passed a Bill for an Act to…

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Lagos, Rascality in Governance, and the Socially Irresponsible “Land Use Charge Law”

Lagos is the economic capital of the Federal Republic of Nigeria. If you are doing business in Nigeria and you are not yet in Lagos, then you are seen as unserious. However, the recent multiple levies and arbitrary changes in taxes and levies in this metropolitan city has began to push businesses to neighbouring States, especially Ogun State, being the biggest beneficiary of the rascality of the Lagos State Government. The current governor of Lagos, Akinwunmi Ambode, is from the ruling party, APC. He is seen…

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Business Structure, Corporate Tax and Tax Incentives in Nigeria

This article on business structure, corporate tax and tax incentives is a response to the requests from some entrepreneurs and business leaders that participated in a recent seminar I facilitated for some agricultural and manufacturing companies in Lagos. These participants are interested in fully complying with the tax laws, but are also interested in the approaches for optimising their business tax position without stepping into the realms of tax evasion (which is illegal).  The legal structure of a business or a business transaction has the potential…

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Wages of Sin, Tax Evasion and the Tax Laws: My Thoughts on the Anti-Corruption Campaign in Nigeria

“Madame, the wages of sin are not exempt from taxation” – Blanche E. Lane, 15 TCM 1088 (1956), sourced from the UMKC site on 8 April 2017. During the run-up to the 2015 national elections, the anti-corruption drive was a major campaign tool that probably partly contributed to the success of the current administration at the elections. The expectation from the President Buhari’s administration is high, especially on the anti-corruption campaigns. However, the Economic & Financial Crimes Commission (EFCC) and other prosecuting agencies have still been unable to procure…

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Business Lessons “Takeaway” From A School Inter-House Sports’ Competition

I attended the annual inter-house sport completion in my children’s school on Saturday 11 March 2017. This was tough for me as I had a very busy Friday and worked till the early hours of the day. While I was enjoying the entertainment being provided by those kids during the various track and field events, I couldn't help but take some lessons from that event, especially during the relay race competition. The following are the keynotes: 1.     DEVELOP BUSINESS, NOT ENEMIES. Business can be a strong competition…

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Flirting with Fraud

The Argus Observer reports that an audit has faulted a former Oregon district attorney (DA) for reimbursing witnesses at a higher rate and for a wider range of expenses than required by state law. In his defense, the DA said the state’s minimum witness reimbursement amounts are insufficient to help low-income witnesses attend trials and he could not allow such financial issues to hinder the judicial process. The audit also found the DA’s office purchased US $43,000 worth of copiers without a competitive bidding process and…

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Accounting Standards for Not-for-Profit Organisations

Not-for-Profit (NFPs) organisations are entities normally without transferable ownership interests. They are organised and operated exclusively for social, educational, professional, religious, charitable or any other not-for-profit purposes. In a bid to ensure a stronger accountability of this sector, the Financial Reporting Council (FRC) released a Statement of Accounting Standards (SAS) 32 in 2011, an accounting system for churches, mosques and other not-for-profit organisations that will compel them, to report their financial transactions periodically from January 2013. The SAS 32 establishes a uniform basis of accounting and…

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Business Structures – Which Should I Use?

Having made the decision to be your own boss, it is important to decide the best legal and taxation structure for your enterprise. The most suitable structure for you will depend on your personal situation and your future plans. The decision you make will have repercussions on the way you are taxed, your exposure to creditors and other matters. The possible options you have are as follows. Sole trader This is the simplest way of trading. There are only a few formalities to trading this way,…

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Taxation of Expatriates in Nigeria

Taxation of Expatriates in Nigeria This edition of point-of-view examines in a very general way the existing framework for the taxation of expatriates in Nigeria. It considers in brief the applicable tax rate, the portion of the expatriate income that is actually subject to tax, how the tax is calculated, when an expatriate would be deemed resident in Nigeria and how the tax filing is carried out. It is a general overview of the regime of expatriate taxation in Nigeria and not intended to provide legal…

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